Trump announced the withdrawal in May 2018, and new sanctions went into place in November, with oil purchase waivers in place for China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.
Since then, Italy, Greece and Taiwan have halted their Iranian oil imports.
Iranian Oil Minister Bijan Zanganeh said Wednesday that the United States will not be able to bring Iranian oil exports to zero, and that Iran’s oil-producing neighbors have exaggerated their ability to increase their production to a level that would replace the Iranian oil being blocked from the market.
Since announcing last month its intention to end the oil sanctions waivers, the Trump administration has expressed confidence that countries such as Saudi Arabia and the United Arab Emirates would offset any loss in Iranian oil.
Turkey and China have attacked the U.S. action, but it is not clear whether they will continue to buy Iranian oil.